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BRAC Bank stopped cash withdrawals using its cards abroad. This is to promote the use of digital and electronic payment methods and discourage cash transactions, Selim RF Hussain, the managing director of BRAC Bank, made this statement.
He said that electronic debits or payments will still work outside Bangladesh, but only cash withdrawals are stopped. Customers can continue using their cards to buy things from merchants, according to a representative from BRAC Bank.
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We stopped allowing cash withdrawals in Bangladesh currency using credit cards in the country a few years ago.
BRAC Bank suspends international cash withdrawals via cards “This is a credit-control measure. It will also ensure a clear audit trail regarding the usage of cards.”
Foreign currency cash is provided to customers from BRAC Bank Branches in Bangladesh upon endorsement of their travel quota and presentation of the required travel documents.
“We have sufficient cash foreign currency reserves in Bangladesh to serve our customers,” said Selim RF Hussain.
The suspension started on Sunday (24 December) according to a notice from BRAC Bank. The bank did not say how long it will last.
Customers react to the decision of BRAC Bank on Bank’s verified Facebook page. One social media users Md Jahirul Islam Hamid ask “Why this sudden decision without giving any reason?” Bank replies, “Dear customer, please be patient. You can make any valid purchase through POS and e-commerce within your travel quota. thank you”.
